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Matrix Cellular puts plans to launch Rs 5 billion IPO on hold

March 08, 2016
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Delhi-based international travel services provider, Matrix Cellular, has decided to put the plan of launching its Rs 5 billion initial public offering (IPO) on the back burner till the market stabilises. The benchmark BSE Sensex is down nearly 6 per cent in the year to date, and over 19 per cent from a year ago.

The move comes even after the company had received the capital markets regulator's approval in August 2015 to raise funds.

However, Matrix is ready to wait for market stabilisation as it has enough capital for product portfolio expansion, and IPO is not a must in near term.

Under the telecom portfolio, Matrix offers International SIM, data packs for smartphones and laptops. The company also offers services like forex card and travel insurance. Matrix is also planning to launch an app for travellers. The app will provide a number of facilities including shopping discounts, hotel bookings, cab services, train reservations and movie tickets.

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